Monday: US President Donald Trump to meet Qatar's Prime Minister

17:00 GMT is the scheduled time for Monday’s White House meeting, Reuters reported. US President Donald Trump will meet Qatar’s Prime Minister to discuss a new ceasefire and the resumption of nuclear talks as the conflict with Iran continues.

The meeting with Sheikh Mohammed bin Abdulrahman Al-Thani will take place behind closed doors, according to a US official. The Qatari Prime Minister also serves as the country’s Foreign Minister. Vice President JD Vance is due to hold a separate meeting with the Qatari leader.

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Acting as mediator, Qatar rejected claims that Washington and Tehran had failed to secure a deal. It said efforts to reach an agreement were continuing on both sides. According to Axios, Iran has sent the US a nuclear proposal through Qatar. The proposal is conditional on Washington meeting Tehran’s demands, including sanctions relief.

WTI Oil: Key Facts

WTI Oil explained

Traded internationally, WTI Oil is a variety of Crude Oil. Its name stands for West Texas Intermediate, which ranks alongside Brent and Dubai Crude as one of the three major types. Relatively low gravity and sulphur content earn WTI the descriptions “light” and “sweet”, respectively. Its quality is considered high, and it is easy to refine. Produced in the United States, WTI is distributed through the Cushing hub, regarded as “The Pipeline Crossroads of the World”. WTI serves as an Oil market benchmark, with its price regularly cited by the media.

Key drivers of WTI Oil prices

Supply and demand underpin WTI Oil prices, as they do for other assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars or sanctions can also affect prices. Another major influence is production decisions by OPEC, a group of leading Oil-producing countries. Because Oil is traded mainly in US Dollars, the currency’s value also matters for WTI Crude Oil prices. A weaker US Dollar can make Oil more affordable; a stronger currency can do the opposite.

Oil inventories and their impact on WTI prices

WTI Oil prices respond to weekly inventory figures from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Stock movements reflect shifts in supply and demand. Falling inventories can signal stronger demand and push Oil prices higher. Rising stocks can point to greater supply and weigh on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of figures are generally close: 75% of the time, they fall within 1% of each other. As the EIA is a government agency, its data is regarded as more reliable.

OPEC’s role in WTI Oil pricing

At meetings held twice a year, the 12 Oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI Oil prices. Lower quotas can constrain supply and lift Oil prices, while increased OPEC production has the reverse effect. The broader OPEC+ grouping adds ten non-OPEC members, most notably Russia.